ESWIN COMPUTING 01256Hong Kong Stock ExchangeIPOProspectus Information

1.1501.71%( -0.020 )
Nov 13 · End-of-day data, not live · Hong Kong Stock Exchange
Listing Date: 2026-10-09 · Registrar: Computershare
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IPO Timeline Raw facts

Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading

Company Overview

Stock NameESWIN COMPUTING
Stock Code01256
Company Full NameBeijing ESWIN Computing Technology Co., Ltd.
IndustrySemiconductors
Principal ActivitiesWe are a RISC-V oriented chip product provider in China, focusing on researching and designing products consisting of chips, chipsets and/or circuit boards accompanied with essential software. We outsource IC manufacturing, packaging and testing to third-party service providers. Our offerings include human-machine interaction and multimedia processing chip products, and interconnectivity and computing chip products.
Listing Date2026-10-09
Listing Rules EraNew Rules (after Aug 2025)
Listing Rules ChapterTo be extracted
Weighted Voting Rights (WVR)No
Registered Address (Mainland China)Room 101, Floor 1, Building 3, Yard 18, Science and Technology Innovation 10th Street, Beijing Economic and Technological Development Area, Beijing, PRC
Business Address (Hong Kong)Room 1920, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong
Place of IncorporationChina
Listing MethodGlobal Offering
Listing BoardMain Board
Websitewww.eswincomputing.com
Share Registrar香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited)
Registrar Contact香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖
A-Share/US Dual ListingNo

Offering Information

Offering Mechanism Mechanism B
Offer PriceHK$ 1.55 / shares
Offer Price RangeFinal offer price only, no range
Lot Size2,000 shares
Entry ThresholdHK$ 3,100
Par ValueRMB 0.1 / shares
Offer Period2026-09-28 to 2026-10-06
Global Offering Shares1,570,204,000 shares
HK Public Offer Shares (Initial)157,022,000 shares (10.0%)
Public Offer Lots (Initial)78,511lots (Pool A39,255lots，Pool B39,256lots)
International Placing Shares (Initial)1,413,182,000 shares (90.0%)
Offer Ratio~10.0%
Total Shares Post-IPO21,991,637,040 shares
Greenshoe (Over-allotment Option)No
Stabilizing Manager (Greenshoe)—
Cornerstone Share53.1%
Clawback TiersTo be extracted
Reallocation OptionYes
Total Global Offering SizeHK$ 2,433,816,200

Subscription Tiers

Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.

Pool A
Lots SubscribedShares SubscribedSubscription Amount (HKD)
1 lots 2,000 HK$ 3,100
2 lots 4,000 HK$ 6,200
3 lots 6,000 HK$ 9,300
4 lots 8,000 HK$ 12,400
5 lots 10,000 HK$ 15,500
6 lots 12,000 HK$ 18,600
7 lots 14,000 HK$ 21,700
8 lots 16,000 HK$ 24,800
9 lots 18,000 HK$ 27,900
10 lots 20,000 HK$ 31,000
15 lots 30,000 HK$ 46,500
20 lots 40,000 HK$ 62,000
25 lots 50,000 HK$ 77,500
30 lots 60,000 HK$ 93,000
35 lots 70,000 HK$ 108,500
40 lots 80,000 HK$ 124,000
45 lots 90,000 HK$ 139,500
50 lots 100,000 HK$ 155,000
100 lots 200,000 HK$ 310,000
150 lots 300,000 HK$ 465,000
200 lots 400,000 HK$ 620,000
250 lots 500,000 HK$ 775,000
300 lots 600,000 HK$ 930,000
350 lots 700,000 HK$ 1,085,000
400 lots 800,000 HK$ 1,240,000
450 lots 900,000 HK$ 1,395,000
500 lots 1,000,000 HK$ 1,550,000
1,000 lots 2,000,000 HK$ 3,100,000
1,500 lots 3,000,000 HK$ 4,650,000
Pool B
Lots SubscribedShares SubscribedSubscription Amount (HKD)
2,000 lots 4,000,000 HK$ 6,200,000
2,500 lots 5,000,000 HK$ 7,750,000
3,000 lots 6,000,000 HK$ 9,300,000
3,500 lots 7,000,000 HK$ 10,850,000
4,000 lots 8,000,000 HK$ 12,400,000
4,500 lots 9,000,000 HK$ 13,950,000
5,000 lots 10,000,000 HK$ 15,500,000
10,000 lots 20,000,000 HK$ 31,000,000
15,000 lots 30,000,000 HK$ 46,500,000
25,000 lots 50,000,000 HK$ 77,500,000
39,255 lots 78,510,000 HK$ 121,690,500

Stock Connect Inclusion Analysis

26Q4 Regular Review
Inclusion Pathway Regular Path
HK Market Cap HK$ 11.85B
Est. Threshold HK$ 9.44B
Analysis Result HK market cap met, expected inclusion ~2027-03-08

Valuation & Financials

Market Cap (at Offer Price)HK$ 34,087,037,412
H-Share Market Cap (at Offer Price)HK$ 15,742,101,893
Pre-IPO Valuation (Last Round)Not disclosed
P/E RatioNot applicable (loss-making)
Profit/Loss StatusNet loss RMB 1,515.8 million
Period-End Cash BalanceRMB 188.3 million
Listing Expenses~HK$ 142,900,000
Listing Expenses / Funds Raised~5.87%
Total Pre-IPO InvestmentTo be extracted

Financial Data

Unit: '000 RMB
Income Statement
Item 202320242025
Revenue 1,752,1852,025,3792,431,237
Cost of sales -1,481,957-1,667,839-1,978,325
Gross profit 270,228357,540452,912
Other income and gains, net 147,156178,02254,080
Selling and distribution expenses -166,952-143,956-234,830
Administrative expenses -552,903-501,551-603,940
Operating profit -1,823,680-1,527,900-1,501,357
Net finance costs -22,596-19,508-14,801
Share of associates and JVs 5,572-415517
Profit before tax -1,840,704-1,547,823-1,515,641
Income tax expense 3,240468-203
Profit for the year -1,837,464-1,547,355-1,515,844
Balance Sheet
Item 2023202420252026-03
Cash and cash equivalents 808,0601,587,739188,274
Trade and bills receivables 766,665755,8051,112,155
Inventories 328,646367,638618,814
Total current assets 4,005,6743,098,0462,767,585
Total assets 6,352,4274,864,3933,978,099
Total current liabilities 869,718841,458947,529
Total liabilities 1,283,2611,237,1641,292,348
Total equity 5,069,1663,627,2292,685,751
Interest-bearing borrowings 00190,250837,541
Cash Flow Statement
Item 2023202420252026-03
Net cash from operating activities -1,250,818-780,654-1,171,001
Net cash from investing activities -1,891,8201,612,268-608,138
Net cash from financing activities 2,960,127-63,163393,413
Net increase in cash -182,511768,451-1,385,726
Purchase of PP&E -533,366-353,953-313,703-84,628
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
First Day CloseLoading...
Use of Proceeds
Approx. 35.0% for R&D and product development, approx. 30.0% for hardware-software platform enhancement, approx. 15.0% for potential M&A, approx. 10.0% for global commercialization network, approx. 10.0% for working capital.

Underwriting Syndicate

Joint Sponsors (2)
CITIC Securities (Hong Kong) Limited CE AAK249 中信建投（国际）融资有限公司 CE BAU112
Sponsor cum Overall Coordinator (2)
CLSA LIMITED CE AAB893 中信建投（国际）融资有限公司 CE BAU112
Overall Coordinators (4)
CLSA LIMITED CE AAB893 中信建投（国际）融资有限公司 CE BAU112 HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809 GF Securities (Hong Kong) Brokerage Limited CE AOB364
Joint Global Coordinators (1)
CLSA LIMITED CE AAB893
Joint Bookrunners (1)
CLSA LIMITED CE AAB893
Capital Market Intermediaries (6)
中信建投（国际）融资有限公司 CE BAU112 HUATAI FINANCIAL HOLDINGS (HONG KONG) LIMITED CE AOK809 GF Securities (Hong Kong) Brokerage Limited CE AOB364 HUAJIN SECURITIES (INTERNATIONAL) LIMITED CE BFJ286 CMB International Capital Limited CE AVM940 光源资本（香港）金融有限公司 CE BHX373

Service Providers

RoleInstitution
Legal Advisor to Sponsors/Underwriters 高伟绅律师行
Auditor and Reporting Accountant 毕马威会计师事务所
Industry Advisor 弗若斯特沙利文（北京）咨询有限公司
Compliance Advisor Rainbow Capital (HK) Limited CE BPB716
Receiving Banks 招商永隆银行有限公司

Cornerstone Investors

#Investor NameInvestment AmountShares Subscribed% of Offer Shares% of Total SharesLock-up PeriodEst. Unlock Date
1 屹唐盛海基金 348,000,000 HKD 226,574,000 14.43% 12.55% 6 months 2027-04-09
2 合肥建投 173,000,000 HKD 112,754,000 7.18% 6.24% 6 months 2027-04-09
3 海耀實業 155,000,000 HKD 100,976,000 6.43% 5.59% 6 months 2027-04-09
4 頎中國際 75,000,000 HKD 48,858,000 3.11% 2.71% 6 months 2027-04-09
5 GBAHIL 118,000,000 HKD 76,668,000 4.88% 4.25% 6 months 2027-04-09
6 －Mega Prime 59,000,000 HKD 38,334,000 2.44% 2.12% 6 months 2027-04-09
7 －Poly Platinum 59,000,000 HKD 38,334,000 2.44% 2.12% 6 months 2027-04-09
8 中信資管香港 100,000,000 HKD 65,146,000 4.15% 3.61% 6 months 2027-04-09
9 德霖資源 100,000,000 HKD 65,146,000 4.15% 3.61% 6 months 2027-04-09
10 Orix 33,000,000 HKD 21,466,000 1.37% 1.19% 6 months 2027-04-09
11 Grit No.1Equity Fund 60,000,000 HKD 39,086,000 2.49% 2.16% 6 months 2027-04-09

Directors & Management

PositionChinese nameEnglish Name
ChairmanMi PengMi Peng
Company SecretaryBu Tian; Chan HeiBu Tian; Chan Hei
Executive Director王东升Wang Dongsheng
Non-Executive Director李家庆Li Jiaqing
Independent Non-Executive Director朱贺华Chu Howard Ho Hwa
Executive Director王波Wang Bo
Non-Executive Director俞信华Yu Xinhua
Independent Non-Executive Director吕文栋Lyu Wendong
Executive Director米鹏Mi Peng
Non-Executive Director张帅Zhang Shuai
Independent Non-Executive Director张春Zhang Chun
Executive Director胡巍浩Hu Weihao
Non-Executive Director刘飞虹Liu Feihong
Independent Non-Executive Director张晓君Zhang Xiaojun
Independent Non-Executive Director孙达飞Sun Dafei
Independent Non-Executive Director刘帅Liu Shuai
Independent Non-Executive Director王琪Wang Qi

Major Shareholders

Major Shareholders & HoldingsESWIN Group (29.30%), Yili Technology (11.81%), Hexie Zhiyuan (6.93%), Guohua Life/Tianmao (6.22%), Ningbo Zhuangxuan (5.17%), Beijing Singularity Power/BOE/China IC (5.37%), Legend Capital Management (4.96%), China IC Fund II (4.79%), Boxin Chuangcheng (4.23%), Sanxing Zhiying (2.52%)
About this page

This page shows ESWIN COMPUTING (01256) prospectus details: offer price range, fundraise size, cornerstone investors, greenshoe, Pool A/B allocation and syndicate. For eligible IPOs it also provides a Stock Connect inclusion analysis, indicating the pathway and estimated timing for Southbound Connect admission; for A-share / US secondary listings, it additionally compares the other market's price, exchange rate and the H-share premium/discount. Data is parsed from the HKEX prospectus and related announcements. New to IPO subscription? See Hong Kong IPO Subscription 101.

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